The Venture Capital Deformation

Value Destruction throughout the Investment Process
Palgrave Macmillan (Verlag)
  • erschienen am 11. September 2018
  • Buch
  • |
  • Softcover
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  • 352 Seiten
978-3-319-88922-1 (ISBN)
In spite of the robust development of venture capital that has occurred over the last three decades, returns from venture capital have been declining. This book focuses on a simple question: why? The answer lies in the context of multiple deformations that have occurred throughout the venture capital process. The book critically assesses the ways in which interactions between different stakeholders in the venture capital ecosystem change (or "deform") venture capital, decreasing its value. Klonowski also reveals that venture capital actually has few benefits-and some outright disadvantages-for entrepreneurs, and it can create a self-perpetuating cycle of investment and loss for the entire venture capital industry. This is especially true as corporate governance and compensation structures may create significant misalignments, incongruities, and conflicts of interest between general and limited partners.
Softcover reprint of the original 1st ed. 2018
  • Englisch
  • Cham
  • |
  • Schweiz
Springer International Publishing
  • Für Beruf und Forschung
  • 1 s/w Abbildung, 26 farbige Abbildungen
  • |
  • 26 Illustrations, color; 1 Illustrations, black and white; XIX, 331 p. 27 illus., 26 illus. in color.
  • Höhe: 213 mm
  • |
  • Breite: 149 mm
  • |
  • Dicke: 22 mm
  • 462 gr
978-3-319-88922-1 (9783319889221)
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Darek Klonowski is Professor of Business Administration at Brandon University, Canada. Prior to joining academia, he worked in the venture capital and private equity industry. He has published three books with Palgrave Macmillan: The Venture Capital Investment Process (2010), Private Equity in Poland (2011), and Private Equity in Emerging Markets (2012).
PART I-Introduction to Venture Capital1. Venture Capital: A Closer Look behind the Curtain2. Maturation, Segmentation, and Competition in the Venture Capital Industry
PART II-Venture Capital Deformations throughout the Investment Process3. Fund Formation: Structural and Operational Deformations in Venture Capital4. Deal Generation: Optimal Modes of Entrepreneurial Value Creation5. Screening and Evaluation: Misguided Investigation of Entrepreneurial Firms6. Deal Completion: Inequitable Agreements in Venture Capital Contracting7. Monitoring: The Venture Capital Barren Toolbox for Entrepreneurial Activity8. Exiting: Distressed Value Realization in Venture Capital
PART III-Conclusions: The Venture Capital Industry at the Crossroads9. Venture Capital: "Subprime" Returns and the Value Chain Analysis10. Improving the Substandard Venture Capital Model

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